How long does it take to sell a house?
Selling a property can often take longer than you expect. Our figures show that it currently takes an average of 5-6 months to sell a house.
There are many different factors that will dictate how long it takes to sell a property. In this guide we will explore how long each stage of the property selling process takes and how you can ensure your house sale is as smooth and hassle-free as possible.
How long does it take to sell a house in the UK?
Accepting an offer
According to Home.co.uk, a property will typically sit on the market for around 100 days. However, how quickly you receive and accept an offer on your property will be affected by a variety of elements. These include asking price, condition, market saturation and location. Typical time on market varies widely depending on what region your property is in. A property typically sits on the market for 90 days in the East Midlands and rises to 120 days in the North East.
Offer to completion
Once you have accepted an offer, the conveyancing process – the legal process of selling a property – usually takes around 2-3 months. It can take longer if there are significant hold-ups or if your sale is part of a property chain.
What can speed up a house sale?
Making sure the property is well-presented and ready for sale
When you decide to sell a property, it is important that you ensure it is well-presented and ready to be viewed. Make sure you finish any DIY jobs you’ve been putting off, declutter, refresh any tired paintwork and ensure your property exterior is looking its best.
It is also important that you only advertise the property when it is fully available for viewings and ensure you are flexible in accommodating requested viewings.
Choosing the right estate agent
Choosing the right estate agent is key to a quick and smooth house sale. A proactive agent will carefully vet prospective buyers, gain thorough feedback from viewings, negotiate a good offer, and help to manage your sale through to completion.
It is important to get valuations from a number of different estate agents. This will help you get a realistic idea of how much your property might be worth. You should also ask for examples of similar properties they have sold recently.
Pricing it attractively
If you are looking for a quick house sale, it is important that you price your property attractively. The busiest time for marketing should be in the first two weeks of the property being marketed. If there is little or no activity in these opening weeks, you may need to revise the price accordingly to attract viewings.
Ensuring you’re ready to move
Making sure you have everything in place ready to sell will help to speed up your sale. Ensure you have any paperwork relevant to the property readily available and have a solicitor lined up. This will allow you to begin the conveyancing process as soon as you accept an offer.
What can hold up a house sale?
Being stuck in a property chain is a common cause of house sale hold up. The more links in the property chain, the longer the sale is likely to take and more vulnerable each sale is to falling through. Each year, around a third of property sales fall through before completion. If one sale in your property chain falls through, it’s likely to hold up the entire chain for a considerable amount of time and potentially jeopardise your sale completely.
Selling a leasehold property tends to take longer than selling a freehold property. This is because the lease aspect of the sale creates extra work for your solicitor to process before the sale can complete
If the property survey brings up anything that requires additional investigation, you can expect it to cause considerable delay to the completion of your sale.
Similarly, down-valuation by your buyer’s mortgage lender will also significantly delay the sale and possibly threaten the sale altogether. For this reason, it’s important to price your property realistically. If your property is down-valued, you will either need to renegotiate the purchase price with your buyer, or your buyer will need to source alternative finance.
Slow progression with solicitors
How well your solicitor communicates with others in the sale process will have a key role in how quickly your sale completes. It’s important that you keep in regular contact with your solicitor and ensure they are proactively progressing your property sale.
What are your options if you need a quicker house sale?
If you’re looking for a quicker way to sell your property or you’re finding you can’t sell your house, you may want to consider other options. Property auctions and cash home buying companies both offer a quicker alternative to the open market.
Property auctions are often particularly suited to more unusual properties or those that would be unmortgageable. Once the property auction takes place, sales must be completed within 28 days. This is significantly quicker than the 2-3 months the conveyancing process usually takes on the open market. It is worth noting, however, that around 28 percent of properties that go to auction do not sell. If your property does not sell at auction, you will still be liable for some of the fees associated with taking a property to auction, including the marketing fee and property listing costs.
A sale to a genuine cash home buyer is a significantly quicker and more certain alternative to selling on the open market. You should be able to complete your property sale on a date of your choice; in as little as 7 days if required. A cash home buying company will pay less than market value, so it won’t be the best option for everyone, but is a great option for those who need a quick and certain sale. If you’d like to find out how much professional home buying company, like Quick Move Now would offer to buy your house direct, simple complete our online form here.
Find out more about:
- How long does it take to sell a house?
- Guide to buying a new build house
- The cost of moving house
- Why can’t I sell my house?
- How to find out how much a house sold for
- A guide to property indemnity insurance
- Freehold vs leasehold – what’s the difference?
- House completion – the process
- Buying a house with subsidence
- Can I sell my home and rent it back?